October 1 2020
Market Research Future published a research report on “Wireless Charging Industry Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Wireless power transmission was founded in early 1891 by Nikola Tesla who displayed wireless power transmission from a power source to a device without any use of wire connectivity. Today, wireless charging has made several technological advancements such as Inductive Coupling, Capacitive Coupling, RF among others.
According to Market Research Future, Wireless Charging Industry is driven by the high demand in the smartphones market. Increase in disposable income and rise in purchasing power around the world has created high sales for electronic products such as smartphones and wearable smart devices. A study shows that the total delivery of smartphones around the globe was assessed to be at 1.5 billion in 2016 which is likely to grow at 2 billion shipments by the end of 2023.
The rise in sales of electric vehicles (EVs), continuous growth of portable electronics and wearables market, and natural need of garnering ambient RF energy are likely to drive the wireless charging market during the forecast period. However, expensive technology for its incorporation and slower charging in comparison with other charging technologies are possible limiting factors for the market. Furthermore, excessive research in far field wireless charging technologies and the growing popularity of the Internet of Things (IoT) are expected to offer profitable opportunities.
The Wireless Charging Industry is predicted to reach USD 24.05 billion by the end of 2023 with 32.56% CAGR during the forecast period 2017-2023.
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According to the report published by Market Research Future, the wireless charging market can be categorized into 4 key segments based on technology, components, application, and regions. Based on technology, the global wireless charging market has been segregated into capacitive coupling and inductive coupling. Based on components, the market has been segmented into receivers and transmitters. According to the application, the market has been segmented into industrial infrastructure, automotive, and consumer electronics (wearable device, tablets, and smartphones). Based on regions, the global wireless charging market has been categorized into Europe, North America, Asia Pacific and Rest of the World.
Asia Pacific has been witnessed to rule the market for wireless charging owing to progression and rising demand for consumer electronic gadgets such as tablets, wearable devices, and smartphones. Asia Pacific represents more than 35% of the worldwide population and most of the Asian economies are still in growing phase making way for high demand for the electronic gadgets. Japan and China are supporting the creation of wireless charging solutions simultaneously making increased consumption of these products collectively with South Korea, Taiwan, and India. North America market followed by Europe market has been estimated to represent the second and third position respectively in the worldwide wireless charging industry.
The prominent players in the market of Wireless Charging Industry are – Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), Convenient Power HK Limited (China) among others.
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Apple had acquired New Zealand-based wireless charging company PowerbyProxi in October 2017 for an unrevealed sum of money, and it ascribes to Apple’s vision for providing simplified charging.
PowerSphyr acquired Californian wireless charging company Gill Electronics, to enable the development of advanced wireless power solutions.
Renesas Electronics Corporation is to acquire Integrated Device Technology, Inc., which is one of the market leaders in wireless charging, for approximately $6.7 billion.
PESI, a South Korean designer studio, introduced a range of furniture and homeware products integrated with wireless charging supported by electromagnetic induction technology in 2017. These products are presented in two forms namely composition and on the surface. On the surface, products include flat wireless charging surface and desktop items such as container, clock, mirror, and speakers. Whereas, composition products include wireless charging surface which can be customized with wood and acrylic elements.
Dan Bus Company, a transit service company of Israel, announced an investment of around USD 2.2 million in wireless technology to arrange electric power sources on the standard roads of the country, in 2017. These electric roads would provide power to vehicles on the road with the help of conduction coils which provide charging power through magnetic induction.
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